Phoenix buys Riviera Travel

According to media reports, the deal is thought to be worth around £130m.

Under Phoenix’s tenure, the business will look to further develop its portfolio of tours and cruises.

Following completion of the transaction, Riviera founder Michael Wright will retain a significant minority stake and remain with the business as a non-executive director.

Company
Headquartered in Burton-upon-Trent and founded in 1984, Riviera is a provider of overseas escorted holidays and river cruises, primarily targeting the over-50s demographic. The GP stated the business has enjoyed turnover growth of 20% per annum over the past few years.

People
David Burns is managing partner at Phoenix. David Clemson is managing director of Riviera.

Advisers
Equity - Duff & Phelps (Corporate finance); Travers Smith (Legal); EY (Corporate finance).
Company - Wragge Lawrence Graham & Co (Legal); PwC (Corporate finance).

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• Topics
• Buyouts
• Consumer
• UK / Ireland
• United Kingdom
• Phoenix Equity Partners